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ASIC issues infringement notice to superannuation fund promoter for greenwashing
21 April 2023
Sections 12DB and 12GX, Australian Securities and Investments Commission Act 2001
Australia
Closed
Australian Securities and Investments Commission (ASIC)
Environmental
Future Super Investment Services Pty Ltd (Future Super)
Key Facts:
In April 2023, ASIC issued an infringement notice against Future Super for greenwashing when promoting the Future Super Fund (Fund).
In May 2019, Future Super published a post on a Facebook page for the Fund. The post, which remained on the Facebook page till late October 2022, included the statement: “Naysayers don’t join together to move nearly AUD$400million out of fossil fuels.”
ASIC found that Future Super had misrepresented the quality of the financial services by overstating the positive environmental impact of the Fund. Future Super had approximately AUD$400 million in total funds under management at the time of the Facebook post and it had no basis to represent that the entirety of those funds had been invested in fossil fuels prior to being invested in the Fund.
On 27 April 2023, Future Super paid the AUD$13,320 payable under the infringement notice.
